Your mother in law got brainwashed by communism for too long…
I bet It happened in China too. Her generation has a hard time adjusting to America. My wife’s generation has no interest in Russia once they come here.
Born and raised in Moscow
Yes. But Russia has a lot it different ethnicities.
The Republican Party is against Prop 10. Other opponents include the California Apartment Association and the California Rental Housing Association, which represent landlords, the California Chamber of Commerce, the State Building and Construction Trades Council of California (a labor union), the California Realtors Association and the NAACP. Opponents have raised $15.3 million, much of it from large apartment developers.
Last weekend, the California Democratic Party voted to support Prop 10. Its main sponsors are the AIDS Healthcare Foundation and its president, Michael Weinstein, and the Coalition for Affordable Housing. Other backers include the Service Employees International Union, the California Teachers Association, the California Nurses Association and the American Federation of State, County and Municipal Employees. Backers have raised $2.36 million.
About 37 percent of California’s rental stock is single-family homes, Rosen said, and most of those are owned by mom-and-pop landlords who own one or a few properties.
If rental stock is reduced by 37% as single family rental homes exit rental market after Proposition 10, can 37% of the tenants afford to buy these 37% single family homes? It could cause a dramatic fall to home price.
Avoiding the answer intentionally?
Russia has 186 ethnic groups, the “real” Russians is about 81%. 19% are minorities. So your wife is part of the 81% majority or just one of the minority?
I am banking on that last two paragraphs of the article…
As for the argument that rent control tramples on property rights, Preston said it’s just one way that governments limit what property owners can do. Homes are subject to zoning laws and landlords must follow many laws, such as when they can enter a home. The courts, he added, have established that investors are entitled to a “fair return” on rent-controlled units.
What that fair return is could become the subject of much litigation if Costa-Hawkins is overturned.
Increased demand (from the 37%) leads to a fall in price?
Where are the bulk of the SFHs for rental? In the rent controlled area or inside the no-rent controlled Fortress (PA, LA, CU, SV)?
Is your second part of your list under rent control? e.g. Campbell
Thought experiment when Prop 10 is passed.
Assume immediately no rental available in rent controlled neighborhoods.
Previous renters would have to rent in those no rent controlled neighborhoods pushing up rents there, and some may even tighten their belts to buy. Hence both rent and price would go up in no rent controlled neighborhoods.
As for rent controlled neighborhoods, first time primary home buyers would willing to take those rentals from ex-landlords. Since demand is lesser, price may not appreciate but unlikely to drop because of rising house price in other neighborhoods.
So sorry, BAGB, the scenario you are thinking of is unlikely to happen. Perhaps, you should sell your SJ property and buy in Sunnyvale or Cupertino.
Supply will increase when startled mom-pop landlord sell their single family rentals.
Demand increase from displaced tenants will be smaller than or at most equals to supply because not every displaced tenant can afford to buy.
Does it make sense to you?
She is a real Russian. But if you study Russian history, Russians are descendants of Tarters, Cossacks, Slavs, and many other groups. Her grandmother is Ukrainian.
Ukraine and Russia have similar ethnicity and yet are now enemies. Something far too complex for American foreign policy. In fact Russians consider Crimea part of Russia and half of Ukraine is mainly ethnic Russians.
When SJ home price drops, Sunnyvale and Cupertino can follow due to comparative shopping
Here is the Prop 10 text for you highly educated mind
No. Your analysis assumed a closed system. Try to think of the micro actions. I am cock sure that what you expect won’t happen.
There are rent controlled neighborhoods and non rent controlled neighborhoods.
There are cheaper neighborhoods and more expensive neighborhoods.
There are incoming guys and outgoing guys.
Within the neighborhoods, there are a range of prices.
Renters just have to shift.
Non rent controlled cities can become rent controlled. No city is safe from rent control. Los Gatos is an example. With 81% white and 10% Asian, it has been rent controlled for decades.
It’s easy for a non-rent control city to become rent controlled. It’s almost impossible to reverse.
Most of the tenants live in rent controlled cities. Many non-rent controlled cities have fewer tenants.
If 16% of the San Francisco house or condos are for sale, will Daly City price increase or decrease?
If 16% of San Jose houses are for sale, will Santa Clara price go up?
Prop 10 will make tears for you, even if your eyes are made from steel
Don’t use one dimensional suggestion like another joker.
If landlords rather leave them vacant or willing to wait for a long time for a good price, what will happen? A sudden sharp shortage of housing😫
Most landlords don’t have resource to support a vacant house for a long time, and it also make no financial sense.
Usually people keep some units vacant in a multi family building to wait for their luck to wish the tenant moving away or be collected by nature. Not many people keep a single house vacant since it’s very easy to sell